Lots going on here at TMN. So today, instead of my usual "genius" (haha) insight into marketing, personal development, or practice management, I want to update you on some developments and "coming attractions" to help make the most of what's left in 2020. (I was unhappy to realize that with daylight savings time yet to end next month, we're going to have to set clocks back and wait an extra hour for this wretched year to end.)
First, there are three new modules up in the Technical Training Center:
- Mutual Fund Tax Overhang outlines why separate managed accounts are a more tax-efficient (and overall more economical) solution than most packaged investment products. This discussion is a great door opener to financial services and our partner company Sofos Investments' new Best Interest Analysis, which we demonstrated on the Wednesday Business Development Call earlier this week.
- MPath Exit Strategy introduces a new approach towards converting an appreciated asset such as real estate or a business into a pool of lifetime tax-free income. The strategy involves using a "structured sale" to dispose of the asset and reinvesting the resulting income into a "tax-free proceeds account" (an IUL contract) to provide lifetime income and death benefits.
- Tax Strategy Conflicts outlines some typical example of strategies, such as S corp vs MERP, where those strategies conflict with each other, and how to handle those conflicts.
In each case, you'll find an explainer video and a copy of the original Powerpoint presentation (with script notes). We're working on client-facing white papers for the first two; however, no client will ever want to get into the weeds on the third, and you shouldn't be giving away those secrets in the first place.
Next on the agenda are modules covering 1031 exchanges (including exchanges into Delaware statutory trusts, which are a great option for clients who want to give up the hassles of being a landlord), conservation easements, and qualified plan options. Please let me know what else you'd like us to cover! There's no limit to the number of topics we can cover.
Finally, I'm working on the agenda for the Virtual Green Light Academy, which we'll be hosting on GoToWebinar on Thursday, October 22 and Friday, October 23, from 1-5PM Eastern. (Relax, there will be breaks at the end of each 50-minute session. At least you won't have get annoyed by the usual banging door at the back of every hotel conference room that interrupts your train of thought every time someone sneaks out to go to the bathroom.) Right now it looks like I'll be debuting my new "Influential Advisor" presentation (i.e., how to position yourself to get paid for who you are not just what you do) and introducing the new F.A.T.E program (is it your fate to profit?). But it's still in flux, so if you have something you want to see, let us know. Important: The Virtual Green Light Academy is free to attend, and open to anyone who subscribes to this newsletter — no Tax Master Network membership is required.
That's it for this week. Next week we "open the books" to the next cohort of Automated Tax Operating System® users and start onboarding a new group of Advanced members. Covid isn't slowing us down, not a bit — and it doesn't have to slow you down either if you just keep your eyes open to the opportunities.